Retirement
Tax Office statistics point to uptick in SMSF establishments
The ATO’s most recent SMSF statistical report indicates that net establishments of SMSFs for the last financial year were at their highest since 2015-16 income year.
Tax Office statistics point to uptick in SMSF establishments
The ATO’s most recent SMSF statistical report indicates that net establishments of SMSFs for the last financial year were at their highest since 2015-16 income year.
The ATO’s SMSF Quarterly Statistical Report for June 2020 indicates that net establishments for SMSFs for the 2019-20 income year could be as high as 18,540, which would bring the total number of SMSFs to 593,375.
This was the highest number of net establishments since the 2015-16 income years when net establishments reached 19,325.
The ATO acknowledged that there can be a time lag between when the establishment or wind-up occurs and when it receives notification from the SMSF, and it anticipates that the number of both establishments and wind-ups will increase as more notifications are received.
The figure for 2019-20 represents a significant jump in net establishments from the prior financial year when net establishments stood at 4,694.
The September quarter saw the greatest number of establishments of SMSFs – 6,350 funds were set up, while 625 funds were wound up. The March quarter also saw a significant number of establishments, with 5,621 funds established and 917 funds wound up.
The ATO statistics also estimate that there are around 1,107,268 SMSF members in total now.
Despite the government’s plans to increase the number of members allowed in an SMSF, the number of three and four-member funds has actually seen a slight decline.
In 2014-15, three and four-member funds made up 3.8 per cent and 4 per cent of total SMSFs, respectively.
In 2018-19, the percentage of three-member funds had fallen to 3.4 per cent, while four-member funds fell to 3.6 per cent. This data was extracted on 14 August 2020.
RELATED ARTICLES
Self managed super fund
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation. Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
Self managed super fund
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation. Read more
Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more
Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more
Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more
Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more
Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more
Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more
Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more
